Thursday, Apr 30, 2009
What is it about Scottish Banks?
Scotsman: Clydesdale vows to continue high-level mortgage lending
"The firm said that only customers who receive a one-on-one interview will be given the deal. Factors taken into account include type of employment, length of time in their current job and credit history." What? WTF? They mean that banks gave mortgages without these obvious checks in the past hence implementing the bleeding obvious makes Clydesdale fit for 90%+ LTV loans? Later: "He also admitted that the number of balances in arrears by more than three months has nearly doubled in a year, to 0.71 per cent." So it's time for a bit more aggressive lending!
Posted by quiet guy @ 11:07 PM (406 views) Add Comment
5 Comments
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1. mander said...
"Customers who receive a one-on-one interview will be given the deal"
Very simple and probably we will have all around the world houses coming close to 3.5 salary but Scotland will still live the housing miracle.
I think Scotland is a good example on the shortage claims. There is no shortage there is it? And still the bubble is the worse.
2. David Hurst said...
The madness continues in the minds of the pricks who populate financial services. They have learnt nothing.
3. Tommyweaves said...
"What is it about Scottish Banks?"
Ask David Starkey!!
4. montesquieu said...
Well Clydesdale are actually Australian these days (have been for 15+ years ...)
5. Mariner said...
Sorry to step out of line with the comical "end of the world love-in" that this site is all about but there is nothing alarming about this article. Clydesdale Bank have been cautious and avoided sub-prime lending. Their arrears rate of 0.71% is extremely low and they can afford this to increase considerably if they wished and still continue making a profit. At no point did they say that they did not carry out the basic credit checks previously, they merely stated a few of the characteristics in their risk models.
There is plenty of profitable, low risk wannabe home owners out there who cannot get a mortgage right now without a crazy deposit. Clydesdale can cherry pick those and will be better for it.
Ah sod it. It's more fun to twist things to suit the site. Clydesdale are going to give 250% mortgages to anyone with a pulse??? Damn those evil banks!